Why now
Regulatory developments across our practice areas are tracked and updated here as they land.
We advise against the EU texts and the practice of the relevant national supervisor - stated separately, because they are not the same thing.
Luxembourg · Independent advisory
Senior regulatory work and independent reviews for Luxembourg structures.
The person you brief is the person who does the work. Securitisation vehicles, funds, MiCA and CBAM exposures, agreed-upon procedures under ISRS 4400, and voluntary liquidations — from Luxembourg, for clients in the EU, the UK and Switzerland.
Contact — Luxembourg Vie Key Consulting S.à r.l. 16, rue Glesener, L-1630 Luxembourg [email protected] +352 661 444 300
ex-Deloitte · ex-EY · CPA (retired) · ILA · INSOL Europe · ALCO · ALMJ · RMAI
Seven services
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Independent reviews (ISRS 4400)
Findings a board, lender or investor can act on: facts, procedure by procedure, not an opinion.
For fiduciary estates, securitisation issuers, funds in wind-down, non-EU groups.
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Liquidation
Closure files that hold up years later; commissaire à la liquidation mandates.
For SICAV-SIF, RAIF, SICAR and Soparfi shareholders and boards.
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Securitisation, SPVs, fiduciary estates
Structured for how the vehicle will be run, not only how it reads at closing.
For originators, arrangers, fiduciaries and corporate service providers.
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MiCA perimeter and orderly exit
Which regime, what to stop, how to move clients — now that the transitional period has ended.
For providers without a CASP authorisation and for firms on the MiFID side of the line.
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Institutional tokenisation
Issuance design under Luxembourg law: wrapper, register, transfer restrictions, classification.
For issuers, fund managers, administrators and transfer agents.
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CBAM and energy
Exposure quantified against the 50-tonne threshold; declarant readiness; certificate budgeting.
For importers, traders, indirect customs representatives, utilities.
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Digital Readiness Diagnostic
Ten areas, one costed roadmap; public co-funding may apply.
For Luxembourg SMEs and the professional firms that serve them.
How we work
- Scoping call. Twenty minutes. You describe the question; we tell you whether it fits, what an answer involves, and — where it applies — that you do not need us.
- Fixed scope. Deliverable, timeline and responsibilities set out in an engagement letter before work starts. Where a matter cannot be scoped up front, we agree a bounded first phase.
- Delivery and review. The output is sized to the decision: a report, a memorandum, a register, a workbook. A review session closes the engagement; questions inside the scope are part of it.
Latest insights
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After the MiCA transition: remediation, not preparation
The CASP transitional period ended on 1 July 2026. Firms that did not obtain authorisation are past the planning stage: the live questions are what to stop, what to restructure toward the financial-instruments perimeter, and how to sequence client migration while doing so.
2026-07-08
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Substance in Luxembourg securitisation structures: what the 2004 Law does not say
The 2004 Securitisation Law is largely silent on operational substance. The expectations that decide outcomes come from tax law, regulator practice, and the market's own conventions — three sources that do not always agree, and are rarely read together.
2026-05-12
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CBAM's definitive regime: liabilities are accruing now
The definitive regime has applied since 1 January 2026. Certificates go on sale from 1 February 2027 and the first surrender falls due on 30 September 2027, but the liability attaches to imports made this year — and the post-Omnibus 50-tonne threshold means borderline importers should be quantifying exposure, not assuming exemption.
2026-03-10
Contact
Two paragraphs by email are enough to establish whether the matter fits the practice. If it does, the scoping call follows within a few business days.
A short call generally clarifies scope and feasibility quickly. Reach out at [email protected].
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